The US Dollar Index had bounced higher from 95.00 levels which is projected as interim support. Please note that the pullback could be short lived and bears could be back in control dragging lower towards 94.00 levels. The recent boundary that is being worked out is between 97.00 and 95.00 and any intraday rally is expected to face strong resistance around 96.00/20 zone, which is the fibonacci 0.618 level as well. The higher degree wave structure is suggesting that a potential expanded flat in the making could push prices below the 94.00 mark at least. It could also drag prices lower towards the 91.00/92.00 levels, which is fibonacci 0.618 support of the entire rally between 88.30 and 97.00 levels respectively. Overall bearish momentum remains for now, until 97.00 levels hold.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.